is it thursday already?

This week has flown by. A couple of charts showing the current mid term picture. S&P500 hasn't managed to crack and hold the 1010 level and momentum is now in overbought on the hourly chart. Last night's action relieved some of the overbought pressure but it's still up there. Maybe it's trying to get a run up and have another try. Doesn't look like it but you never know.

The price action also has a bit of an odd pattern. The first peak in the pattern drawn failed so that adds weight to the bear argument. Also notice the S&P pattern is downward sloping compared to our hourly chart is upward sloping over the same period. One of us is right and I'm more inclined to go with the yank market.

Our hourly has had a break above the triangle resistance but momentum suggests at least a test of the upper line of the pattern. Keeping the S&P bearish thoughts in mind, our market could be easily a false break and this is the place to try a short.

SPI 5 min chart has a nice upward trend line (through the triangle top) so a break of that trend line could signal the upper test.

I'm bearish for the next 12-24 hours on both markets and hopefully that will turn into a nice normal retrace on the daily charts rather than a big dump but as I mentioned the other day we could still be correcting in time rather than price.